Introduction to Management Accounting (Paper 1.4)

What you'll learn

• Cost Concepts & Behaviors: Understanding different types of costs (e.g., fixed, variable, direct, indirect) and how they behave, which is critical for predicting profitability.
• Product Costing: Methods for assigning costs to products and services (e.g., Job Order Costing, Process Costing).
• Budgeting: The process of creating detailed operational and financial budgets for planning and coordination.
• Cost-Volume-Profit (CVP) Analysis: A fundamental tool for understanding how costs, volume, and pricing affect a company's profit, used for break-even analysis and setting sales targets.
• Performance Measurement & Variance Analysis: Comparing actual results to budgets and standards to identify areas needing management attention and control.
• Decision-Making Tools: Using relevant cost analysis for short-term decisions like pricing, make-or-buy, and product line profitability.